The market may open lower on the occasion of a special trading session scheduled today, 22 March 2014 tracking overnight weak closing for the US stocks. The stock exchanges are conducting a special live trading session today, 22 March 2014, as the National Stock Exchange (NSE) is testing its software. Trading will take place from 11:15 IST to 12:45 IST.
Reliance Industries (RIL) said after market hours on Friday, 21 March 2014 that a fear psychosis is being created in the minds of the masses that come April 1, inflation will start raging in the country as gas prices shall be increased by the government. The company doubts whether this is a propaganda based on facts or are some politicians spreading canards for electoral gains. The most common allegation is LPG price will double once gas prices are increased. Nothing can be far from truth. LPG can neither be made nor is being made from KG-D6 gas. Gas from these fields contains 99.9% pure methane (natural gas) and does not have any propane and butane which are used to make LPG. Therefore there cannot be any correlation between LPG prices and increase in natural gas prices.
This can be further corroborated fro the fact that for the last five years natural gas price have been constant but the price of LPG cylinder has increased from approx. Rs 280 to approx. Rs 450 fr 14.2 kg cylinder. If there was any corerelation between natual gas and LPG prices, then why have LPG cylinder prices increased while natural gas prices have remained constant?, company asked.
Obviously, the sole purpose of perpetuating these lies is to scare the consumers. Most of the LPG is produced in refinery from crude oil it has no correlation with natural gas prices. The second is that is being perpetuated is that with a hike in gas prices from April 1, the cost of food grains ae set ton increase. However, the fact is that trucks, tempos and tractors that use diesel and not gas, so how will increase n gas price impact these costs? company said.
These people do not want to share truth, you are being misguided to garner votes, company added. We have put the facts before you, now you decide whether gas price hike will be inflationary or whether these lies are full of hot air, company added.
Oil India said after market hours on Friday, 21 March 2014 that the board of directors of the company at its meeting held on 21 March 2014, inter alia, has declared second interim dividend of Rs 10 per share (i.e. 100%) for the year ending March 2014. Dividend is payable on and from 28 March 2014. Payment will be completed on and before 19 April 2014.
Shree Renuka Sugars' shareholders at the company's extraordinary general meeting (EGM) held on Friday, 21 March 2014, approved preferential allotment of upto 25.74 crore equity shares of face value of Re 1 each for a price of Rs 20.08 per share aggregating to Rs 517.04 crore to Wilmar Sugar Holdings Pte on preferential basis, subject to the approval of stock exchanges/statutory approvals, wherever required.
More From This Section
Jayaswal Neco Industries' shareholders at the company's extraordinary general meeting (EGM) held on Friday, 21 March 2014, approved issue of further 6.88 crore equity shares of Rs 10 each at premium of Rs 15 per share on preferential basis subject to requisite approvals from the stock exchanges, members and SEBI (ICDR) Regulations, 2009.
Gujarat Gas Company (GGCL) after market hours on Friday, 21 March 2014 said it has executed an amendment agreement with GSPC for purchase of additional 0.2 mmscmd of RLNG on 21 March 2014, for the period 1 April 2015 up to 1 July 2025. With this execution GGCL secures 0.85 mmscmd of long term RLNG for serving demand in its operating area, the company said.
Sunil Hitech Engineers after market hours on Friday, 21 March 2014 said that a meeting of its board of directors will be held on Monday, 24 March 2014, to consider and discuss the issue of convertible warrants to promoters and promoter group and non promoters.
Polygenta Technologies after market hours on Friday, 21 March 2014 said that a meeting of its board of directors will be held on Tuesday, 25 March 2014, to consider and if agreed to consider issue of compulsory convertible preference shares (CCPS) or equity shares on preferential basis.
Surana Industries' board of directors at its meeting held on Friday, 21 March 2014, accepted the final letter of approval (LOA) dated 13 March 2013, issued by Corporate Debt Restructuring Empowered Group (CDR EG) approving the Corporate Debt Restructuring (CDR) proposal submitted by the Company. The board of directors of the company passed necessary resolutions for the implementation of the approved CDR scheme, Surana Industries said. The announcement was made at the fag end of trading hours on Friday, 21 March 2014.
CHL at the fag end of trading hours on Friday, 21 March 2014 said that the Committee of Board has fixed record date of 5 April 2014, for the purpose of 5-for-1 stock split.
The Reserve Bank of India will announce the First Bi-monthly Monetary Policy Statement, 2014-15 on 1 April 2014. Citing price pressures, the Reserve Bank of India raised its key lending rates by 25 basis points after Third Quarter Review of Monetary Policy for 2013-14 on 28 January 2014.
The next major trigger for the stock market is the outcome of the upcoming Lok Sabha elections. Lok Sabha elections will be held between 7 April 2014 and 12 May 2014 in nine phases. The counting of votes will be take place on 16 May 2014. The term of the current Lok Sabha expires on June 1 and the new House has to be constituted by May 31. Along with the Lok Sabha election, Andhra Pradesh (AP), including the regions comprising Telangana, Odisha and Sikkim will go to polls to elect new assemblies. AP, Odisha and Sikkim assemblies come to end on June 2, June 7 and May 7 respectively.
Key benchmark indices registered with small gains after moving in a narrow range in intraday trade on Friday, 21 March 2014. The S&P BSE Sensex garnered 13.66 points or 0.06% to settle at 21,753.75 on that day, its highest closing level since 19 March 2014.
Foreign institutional investors (FIIs) bought shares worth a net Rs 4,222.10 crore on Friday, 21 March 2014, as per provisional data from the stock exchanges.
HSBC Holdings Plc and Markit Economics' gauge of Chinese manufacturing will be released on Monday, 24 March 2014.
US stocks dropped on Friday, pressured by a selloff in the health-care sector, but major equity indexes still posted solid weekly gains.
President Vladimir Putin signed laws completing Russia's annexation of Crimea on Friday as investors took fright at a US decision to slap sanctions on his inner circle of money men and security officials. Putin promised to protect a bank partly owned by an old ally, which Washington has blacklisted and Russia would respond in kind to the latest financial and visa curbs after producing one blacklist of its own. Obama's national security adviser said the world was reassessing its relationship with Russia and Washington was sceptical of Russian assurances that troop movements on the Ukraine border were no more than military exercises.
European Union leaders - who like Obama insist Crimea is still part of Ukraine - imposed their own sanctions on 12 people, including Russian deputy prime minister Dmitry Rogozin and two aides to Putin. Canada sanctioned 14 people.
Powered by Capital Market - Live News